The Social Security tax is structured as a percent tax on earnings up to a maximum income level. Income above that level is not subject to a social security tax. Is Social Security a progressive, proportional, or regressive tax structure? Explain
This is a regressive tax, because people with incomes above the maximum taxed level pay less percent of
their total earnings to Social Security, while people with incomes below that level pay exactly that percent.
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The Federal Reserve System is the central bank of the United States
Indicate whether the statement is true or false
Marginal utility can be measured by the change in:
a. total utility / the change in quantity. b. income / the change in utility. c. quantity / the change in income. d. price / the change in utility. e. income / the change in price.
If a firm can maximize its profit by producing the output where price is equal to its marginal cost, the firm is operating in:
A. a perfectly competitive market. B. an oligopolistic market. C. a monopolistic market. D. a monopolistically competitive market.
The cross-price elasticity of demand between spaghetti and spaghetti sauce is most likely:
A. positive. B. negative. C. zero. D. More information is needed to determine.